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Personal Finance

We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.

DEDUCTIBLE MEDICAL CARE

Medical care expenses are amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, and for treatments affecting any part or function of the body. The medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness. This section provides details to special issues related to medical care expenses.  However, keep in mind, that there are income restrictions limiting the medical deductions.

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Medical Expenses Relating to Adoption
Medical expense payments made by an adopting parent for medical services rendered to a child even before the child was placed in the parent's home are deductible if the following apply. 

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Cosmetic Surgery
Generally, cosmetic surgery is not a deductible medical expense. Cosmetic surgery is defined as any procedure, which is directed at improving the patient's appearance and does not meaningfully promote the proper function of the body or prevent or treat illness or disease.

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Dependents & Medical Expenses
Medical Dependents - Medical expenses paid for dependents may be deducted. To claim these expenses, the person must have been a dependent either at the time the medical services were provided, or at the time the expenses were paid.

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